GBPUSD - Low momentum correction, counter short still looks good
Daily: DMI - ADX shows bullish momentum is lost for now. Tenkan, Kijun and Future Kumo components have become flat, which tell us the same. Slow Stoch and MACD are bearish. Price is at Kijun Sen, this is the first important support on daily chart. If Price breaks below, the selling from profit takers will continue sending the Cable down to next daily support ard 1,6955.
4 Hrs: Price below Kumo. Tenkan/Kijun bearish, both lines are below Kumo. Chikou below Price and Kumo with open space ahead. DMI bearish with climbing ADX, Slow Stoch on sell too.
1 hr: Bearish, with nice multiple retests of Kijun and Kumo. Next acceleration could take place below 1,7040.
All in all it still looks ok to hold some short, however I'd be happy to see some more momentum gain today. Who knows, maybe US data flow will give it another push. Stops should be placed ard 1,7105 - 1,7117.
4 Hrs: Price below Kumo. Tenkan/Kijun bearish, both lines are below Kumo. Chikou below Price and Kumo with open space ahead. DMI bearish with climbing ADX, Slow Stoch on sell too.
1 hr: Bearish, with nice multiple retests of Kijun and Kumo. Next acceleration could take place below 1,7040.
All in all it still looks ok to hold some short, however I'd be happy to see some more momentum gain today. Who knows, maybe US data flow will give it another push. Stops should be placed ard 1,7105 - 1,7117.
